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Fujitsu comment: Cyber-attack could cost the global economy more than $120bn

July 2017 by Rob Norris, VP Head of Enterprise & Cyber Security EMEIA at Fujitsu

The comments from Rob Norris, VP Head of Enterprise & Cyber Security EMEIA at Fujitsu, on a report released by Lloyds which has said a cyber-attack could cost the global economy more than $120bn (£92bn) – as much as catastrophic natural disasters such as Hurricanes Katrina and Sandy.

The ripple effects of an attack no longer stay within the four walls of an organisation. In fact, recent events have shown us how the consequences can be played out on the world stage affecting governments, health services and even the physical safety of people on the street. With such significant financial and reputational consequences, we need to start seeing more proactivity when it comes to tackling cybercrime before an attack happens.

Research by Fujitsu revealed that less than 10% of consumers believe that businesses are doing enough to ensure that their data is protected. With data fast becoming the new currency, its ever clearer that the maturation of the digital industry has brought its own set of unique challenges and businesses are not quite there when it comes to addressing the cybercrime challenge. As attackers always have the initiative, even the best-run company could suffer from a hack or data theft. Because of this, it’s vital organisations take a proactive approach, focusing on the integration of threat intelligence and other information sources to provide the visibility to identify a breach or suspicious behaviour quickly, coupled with the threat context necessary to deal with today’s sophisticated attacks.

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